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.n. and leader of the arab league behind closed doors. >> this is a critical moment for the region. egypt's new government is assuming the responsibility and leadership that has long made this country a cornerstone of regional stability and peace. >> we start with nbc's jim macedo in cairo. who what are the details? >> reporter: well, steve, most importantly, starting at 2:00 p.m. as you mentioned israel stops all military action in israel and hamas stops launching rockets on israel and carrying out border attacks on israeli troops but this is the key thing. there is no signed formal agreement here. instead, israel and hamas reached an understanding, a kind of exchange of quiet for quiet. the first phase of a broader agreement. that should be followed by more intense negotiations, those will be anchored and guaranteed we understand by egypt and the united states. to try to resolve the key demands on both sides. of course, for hamas, the lifting of that 6-year-old blockade of gaza. for israel, it's stopping all the weapons smuggling. but neither will happen immediately. at least, however, they h
golden is actually president morsi of egypt because he's the one who made this happen. >> that's interesting. i was hoping, bobby, you could give us a perspective of sort of what it's like for the average israeli family right now. both in terms of how they view this conflict and how it's impacting their life at this moment. i mean on the one hand, you have for the first time ever rockets able to reach major population centers. on the other hand you have the iron dome defense system which seems quite effective. so just take us on the ground, what's it line for people there? >> well, judging by the reporting that my colleagues there have been given and watching it unfold on television, it must be an extremely uncertain and nervous time. and in some small way, the israelis are now living closest to the border with gaza, have felt this for several months. now israelis farther away who thought they were well out of range of hamas' rockets, they beginning to feel what it felt like to live near the border. when the rocket -- when the alarms go off, when you have to duck for cover, wha
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